Spruce Power completed the acquisition of a residential solar portfolio from NJR Clean Energy Ventures for $132.5m.

Spruce Power, an owner and operator of distributed solar energy assets, completed the acquisition of a residential solar portfolio from NJR Clean Energy Ventures, a clean energy subsidiary of New Jersey Resources, for $132.5m. “This is an exciting acquisition that provides immediate positive impact to Spruce’s financial and strategic outlook through continued scaling of our ownership of home solar assets and contracts. We are proud that this acquisition solidifies Spruce as a leading provider of residential solar energy in New Jersey. Over the past decade, the NJR CEV team has built an impressive portfolio of high-quality residential solar systems and cultivated a strong customer base. We look forward to continuing their commitment to safety, the environment and customer service in the state of New Jersey,” Chris Hayes, Spruce CEO.